Cannabis Law Journal: Issue 5 – 1 June 2017
In Canada, law firm, Minden Gross give us a overview of C-45 the bill that’s going to kickstart Canada’s nationally regulated cannabis market. Many have suggested that once legislation is in play on the medical front federally in both Mexico & Canada this really will be a NAFTA deal that’s going to leave the US out of the picture with the Trump administration’s current new (old) War on Drugs mindset. As the Cole memorandum is sent spinning into reverse will the US lose investment opportunities that will end up as gains for their southern and northern neighbors?
In the US our contributors touch on a range of subjects. Including, what’s ahead for a regulated market in New Jersey as Chris Christie’s term comes to an end, Lane Powell report on Oregon’s new Senate Bill designed to manage a range of issues including pull back on the Cole Memo by Washington (yes that subject isn’t going away anytime soon!)as well as dealing with financial disclosure issues in the state. Meanwhile up in Washington, Kenneth Ford examines that state’s approach to regulating for organic cannabis grows and over in Pennsylvania Andrew Sacks reviews his state’s approach to medical cannabis legislation in 2017. But that’s not all so do please make sure you take time to have a quick look at all our articles from around the U.S.
Since we last published in March our main takeaways from the past quarter would be as follows.
A) The Trump administration’s desire to return to drug policies of yore as a way to manage an ever growing sector. In our opinion they are setting themselves up for failure and an expenditure line the the DOJ budget just won’t be able to handle. Never mind the fact that investment and revenues are up in the sector, there is more lobbying in Washington and an increasing amount of supporters on the floor of the house who see this is one of the few growing sectors in the wider economy. That means more jobs, more tax revenue and with that comes a higher chance of retaining their seat the next time the vote comes around.
B) Investment opportunities are popping up country wide and attracting investors both domestic and foreign countrywide. But in the main all eyes are on California who appear to have looked closely of what hasn’t worked well in other legislated states and decided to take a conservative but by no means heavy handed approach to try and ensure that when bills are ratified they will have the planets’s most exciting and investment friendly cannabis sector. yes there will be issues at a local level for many years to come but as things stand now the approach does look fairly robust.
C) Law firms. The rise of the multi-state SME hasn’t gone unnoticed at the top 200 end of town and we’d venture to say that along with the Fox Rothschild’s and Duane Morris’ of this world there will be more than a little chatter at partnership level in other firms as they discuss risk, ethics etc along with revenue possibilities in this market. Expect to see developments by year’s end.
D) Tech and tools. Not having a federally regulated environment has been an absolute boon for those willing to invest in and build the tools of information, compliance and process. Everywhere you turn there’s over regulation, duplication and a multiplicity of politically engendered process. Not great for the growing, manufacturing and retailing side of the sector; but, if you are in professional services and can turn your hand to smart technology and practical advice there is, we suggest, a long and profitable road ahead.
Thankyou for reading.